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UK’s CDC Group unveils commitment to become aligned to the Paris Agreement
- 4 years ago (2020-07-03)
- David Flin
CDC Group , the UK’s development finance institution, has unveiled a plan to achieve net zero emissions across its portfolio by 2050 in support of the Paris Agreement on climate change. As part of its new climate change strategy, CDC said the fight to combat the climate crisis would be at the heart of every new investment it makes.
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CDC’s strategy will see it target 30 per cent of its total 2021 commitments to climate finance. It has already committed over $1 billion of climate finance over the last three years.
Nick O’Donohue, Chief Executive of CDC, said: “As governments, multinational institutions, and private investors plan the global economic comeback from COVID-19, there exists a once in a generation opportunity to build back better for an inclusive, sustainable, and resilient recovery. Climate change remains the single largest challenge faced by the planet and is the defining issue for our generation and those that will follow. That is why we have launched this climate change strategy that will shape every single investment decision we make moving forward.”
CDC will no longer invest in any business – either directly or through an intermediary fund – that is deemed to be misaligned with the Paris Agreement. This includes the following: coal-fired power plants (including dual-power plants), retrofitting and rehabilitation of existing coal power facilities, coal mining, processing, and trading, upstream oil exploration and production, midstream oil (including refineries), heavy fuel oil only power plants and mini-grids, standalone upstream gas exploration and production, as well as transport infrastructure for exclusive crude oil or coal transportation for power generation.